FBP (Flexible Benefit Plan) is widely used as a tax saving tool by many companies. There is a basket of allowances from which the employee chooses the component he wants. Employee are given the option to decide which components they want to avail of and how much they want to take under each component.
Paybooks fully supports the Flexible Benefit Plan administration. In Paybooks you can
Create various components of the Flexible Benefit Plan.
Set up of applicability and upper limits for each of these components depending on CTC/Designation etc
Enable your employees to declare the amounts under the various FBP components.
Process and payout monthly FBP components in the employee salary – either with payroll or outside of payroll
Maintain and manage balances of various FBP components for each employee.
Enable employees to view their current FBP balances – claimed, unclaimed, carry forward etc
Enable the HR/Finance to have various reports on total/employee wise FBP balances
Generate a bank statement to transfer the FBP payouts to the employee's bank accounts.